Binance is not giving up: a new attempt to obtain a MiCA license in Europe
The world's largest cryptocurrency exchange has no intention of leaving the European market, despite a serious setback in Greece. After the Hellenic Capital Market Commission (HCMC) rejected Binance's first application for a MiCA license, the platform's management is already preparing a new attempt. This indicates that the company's strategy in Europe remains unchanged — full compliance with the new regulations at any cost.
Failure in Greece: What Went Wrong?
Greece became the first, and as it turned out, unsuccessful foothold for Binance in its quest for a MiCA license. The application was submitted back in January 2026, but in June of the same year, the HCMC officially rejected it. Notably, until that moment, the Greek regulator had not issued a single MiCA authorization to any crypto company. This immediately hinted at the high risks of choosing this particular jurisdiction.
After the rejection, the exchange's representatives initially tried to dispute the interpretation of events, claiming that the documents were deemed correct and the regulator planned to approve them. However, the official decision turned out to be different. Now, Binance has only a few days left: without a new license in another EU country by June 30, 2026, the exchange will legally lose the right to serve residents of the European Union starting July 1.
New Application: Betting on Other Jurisdictions
Binance's management has confirmed that it does not intend to wind down its business in Europe. Instead, the company plans to submit a new application in another European Union state. Which country will be next has not yet been disclosed, but analysts suggest the choice will fall on more favorable jurisdictions, such as Malta or Ireland, where competitors have already successfully registered.
It is worth noting that Binance's previous local registrations in France, Italy, Spain, Poland, Sweden, and Lithuania have lost legal validity under MiCA. They no longer allow the use of the "European passport" mechanism to operate across the continent. The company is essentially starting from scratch.
Competitors Are Not Idle
While Binance tries to resolve regulatory issues, its competitors have already established themselves in the market. Kraken obtained a license in Ireland back in June 2025, OKX and Crypto.com in Malta, Bitstamp in Luxembourg, and Bitpanda in Austria. All these platforms are already actively serving clients in all 30 countries of the European Economic Area.
If Binance's new application is not approved in the coming days, European users will likely migrate to Coinbase, Kraken, or Crypto.com. These platforms have been actively investing in compliance with European regulations over the past two years and are now reaping the rewards.
My analysis: The situation for Binance is critical but not fatal. The company has the resources and experience to adapt quickly. However, every day of delay costs it market share. The European market is too large to ignore, but competitors are also not idle. The battle for the EU is just beginning.